Commerce Bank Cuts Stock Position in Iron Mountain Incorporated (NYSE:IRM)

Commerce Bank cut its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 22.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,776 shares of the financial services provider’s stock after selling 5,773 shares during the quarter. Commerce Bank’s holdings in Iron Mountain were worth $2,350,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in IRM. Legal & General Group Plc increased its holdings in Iron Mountain by 49.2% during the second quarter. Legal & General Group Plc now owns 3,899,276 shares of the financial services provider’s stock worth $349,453,000 after buying an additional 1,286,694 shares during the last quarter. AGF Management Ltd. grew its position in shares of Iron Mountain by 76.3% during the 2nd quarter. AGF Management Ltd. now owns 2,245,393 shares of the financial services provider’s stock valued at $201,232,000 after acquiring an additional 972,101 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Iron Mountain by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,126,237 shares of the financial services provider’s stock worth $190,553,000 after purchasing an additional 6,562 shares during the last quarter. Duff & Phelps Investment Management Co. raised its holdings in shares of Iron Mountain by 45.0% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 1,298,330 shares of the financial services provider’s stock worth $116,356,000 after purchasing an additional 402,625 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its stake in Iron Mountain by 5.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,182,515 shares of the financial services provider’s stock valued at $105,348,000 after purchasing an additional 56,503 shares during the last quarter. 80.13% of the stock is currently owned by institutional investors.

Insider Activity

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $118.97, for a total transaction of $1,888,648.75. Following the sale, the chief executive officer now owns 295,650 shares in the company, valued at $35,173,480.50. This trade represents a 5.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Wendy J. Murdock sold 8,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $116.38, for a total value of $989,230.00. Following the completion of the transaction, the director now owns 14,829 shares of the company’s stock, valued at $1,725,799.02. The trade was a 36.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,125 shares of company stock worth $6,613,584. 2.10% of the stock is currently owned by insiders.

Iron Mountain Trading Up 0.3 %

Iron Mountain stock opened at $119.10 on Friday. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.75 and a current ratio of 0.75. Iron Mountain Incorporated has a fifty-two week low of $62.58 and a fifty-two week high of $130.24. The stock has a market cap of $34.95 billion, a P/E ratio of 330.83, a PEG ratio of 7.11 and a beta of 0.99. The firm’s fifty day moving average price is $119.86 and its 200-day moving average price is $104.48.

Iron Mountain Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Monday, December 16th will be issued a $0.715 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.86 annualized dividend and a dividend yield of 2.40%. Iron Mountain’s payout ratio is currently 794.44%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. BNP Paribas raised Iron Mountain to a “strong-buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price objective on Iron Mountain from $82.00 to $121.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Stifel Nicolaus raised their price objective on shares of Iron Mountain from $117.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. Wells Fargo & Company increased their target price on Iron Mountain from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Barclays reduced their price target on Iron Mountain from $133.00 to $131.00 and set an “overweight” rating for the company in a research report on Monday, November 18th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Iron Mountain presently has a consensus rating of “Buy” and a consensus price target of $129.40.

Iron Mountain Company Profile

Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers’ work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.